The global meal replacement market size is estimated to be valued at USD 11.9 billion in 2021 and is projected to reach USD 15.5 billion by 2026, recording a CAGR of 5.4% during the forecast period in terms of value. The demand for meal replacement products is attributed to increasing prevalence of obesity and diabetes coupled with the increasing population of health-conscious consumers and changing consumer lifestyle and availability of convenient nutritious meal in the form of meal replacement.
Key players in this market include Abbott Laboratories (US), Glanbia (Ireland), Amway (US), Herbalife Nutrition (US), Nestle (Switzerland), Atkins (US), Huel (UK), Kellogg Co. (US), Skin Enterprises Inc. (US) and USANA Health Sciences Inc. (US).
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Since meal replacement is a growing market, the existing players are fixated upon improving their market shares, while the newer startups are being established rapidly in the meal replacement segment. Meal replacement can be classified as a competitive market as it has a large number of organized players at the global level as well as unorganized players present at the local level in several countries. There are numerous existing and emerging companies across the globe.
Abbott Laboratories is an American multinational company that specializes in various fields such as nutrition, medical devices, diagnostics, and pharmaceuticals. It has over 99,000 employees and is spread across 150 countries advancing global health. Abbott has a variety of brands through which it innovates products. Some of the brands include Ensure, Vital, and Glucerna, among others. The company has its global presence in Asia Pacific, Europe, the Middle East, South Africa, North America, and South America.
Amway is a multilevel marketing company that specializes in the manufacturing of beauty, health, and home care products. It is a global community that has a presence in over 100 countries. The company is primarily focused on manufacturing macronutrient supplements that can be used as meal replacement products. It offers products worldwide through its brands such as Nutrilite, Artistry, Attitude, XS, Amway Queen, among others. The type of products offered by the company include BodyKey by Nutrilite Meal Replacement Shake Mix.
Meal Replacement Market by Product Type (Ready-to-Drink, Bars, Powder), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia Pacific, South America, and RoW) - Global Forecast to 2026
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